According to the DWP, nearly half of working-age adults in the UK are not saving into a private pension. More than three million self-employed workers do not currently save into a pension, it added.
Just one in four low earners are saving into a private pension, the DWP also found. The DWP warned that action needs to be taken to boost retirement savings.
In order to tackle the issue, the DWP is utilising the Pensions Commission and has initiated the next review of the State Pension age. This is currently 66 years old and will rise to 68 by 2046.
Paul Nowak, General Secretary of the Trades Union Congress (TUC), said:
"Everyone deserves dignity and security in retirement, but right now many workers – especially those in the private sector – will find themselves without enough to get by on.
Far too many people won't have enough pension for a decent retirement, and too many – especially women, BME, disabled workers and the self-employed – are shut out of the workplace pension system altogether."
READ MORE
28/07/2025
View all >
15/10/2026
Six months until next phase of Making Tax Digital rollout
HMRC expects that more than 1m taxpayers will be required to use digital recordkeeping and send quarterly updates to HMRC when the second phase of MTD for Income Tax is extended from 6.4.27.
Applications open for scheme to cut electricity bills for manufacturers
Applications opened on 1 October 2026 for the British Industrial Competitiveness Scheme (BICS) as part of a government project to cut costs for businesses.
Responses to Shadow Chancellor's party conference speech
On 5 October, Shadow Chancellor, Andrew Griffith, delivered his speech to the Conservative Party conference.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.